JSE follows global markets down

Johannesburg - The JSE weakened on Thursday, in line with global markets

As the financial industry recalled the 30th anniversary of "Black Monday", Dow futures were down 134 points as stocks pulled back from record highs. The Dow lost 0.6%, the S&P 500 was down 0.6% while the Nasdaq was 0.8% in the red. 

Thursday's fall in US equities follows a record-setting session in which the Dow Jones industrial average closed above 23 000 for the first time.

The rand, meanwhile, gained against the greenback on Thursday, trading at R13.53 to the dollar at close of trading on the JSE. 

JSE down

The local bourse fell by 0.44% to close at 57 896 points for the All Share index, while the blue-chip Top40 index slipped 0.67% with most sectors, barring gold, in the red. 

Industrials decreased by 0.58%, Resources were down 0.36%, and Financials closing the day 0.26% weaker. 

Gold stocks, however, were able to remain positive and gained 1.39%. 

AngloGold [JSE:ANG] climbed 3.17% to R128.45, after news emerged that the company was looking to offload several mines in South Africa to cut losses.  

The world’s third-largest gold miner will sell Moab Khotsong, which incorporates the Great Noligwa mine, to Harmony Gold for about $300m, and Kopanang to Chinese investment firm ‘Heaven-Sent SA Sunshine Investment’ for R100m, the Johannesburg-based company said in a statement on Thursday. 

Harmony [JSE:HAR] reacted negatively to the news, falling by 3.1% to close at R22.68 per share.

Woolworths [JSE:WHL] also fell in the day, losing 3.2% to close at R57.96 per share on news that SA's biggest investor, the Public Investment Corporation, had lowered its stake in Woolworths to 14.994% 

Gold prices gained 0.57% to reach $1 288 per ounce, while the price of Brent Crude fell 1.24% to $57.43 per barrel. 

Trump looking for Fed Chair 

In the US President Trump will meet today with Janet Yellen, whose first term expires in February, in his search for the next Fed Chair.

Other candidates include Fed Governor Jerome Powell, former Fed Governor Kevin Warsh, National Economic Council Director Gary Cohn and Stanford University economist John Taylor.

Trump is expected to decide before his tour of Asia, which begins November 3. 

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ZAR/USD
16.81
(+0.09)
ZAR/GBP
21.33
(-0.19)
ZAR/EUR
19.01
(+0.67)
ZAR/AUD
11.73
(-0.15)
ZAR/JPY
0.15
(+0.64)
Gold
1683.93
(-1.60)
Silver
17.39
(-1.29)
Platinum
816.00
(-2.44)
Brent Crude
39.83
(+0.50)
Palladium
1944.00
(+1.29)
All Share
54722.38
(+2.85)
Top 40
50199.80
(+2.79)
Financial 15
11467.53
(+4.66)
Industrial 25
74264.52
(+2.52)
Resource 10
49969.31
(+2.29)
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